From 1 July 2005
No surcharge is payable in respect of superannuation contributions or termination payments made on or after 1 July 2005.
2004/2005
What is the surcharge rate?
The maximum surcharge rate is 12.5%.
The maximum surcharge rate applies where ATI exceeds $121,075.
*ATI is adjusted taxable income, which includes:
> Taxable income.
> Grossed up taxable value of certain Fringe Benefit items in excess of $1,000.
> Surchargeable contributions.
> Unfunded employer Eligible Termination Payments (ETPs).
(Note: If the ETP is less than the maximum surcharge threshold, a reduced amount may be included).
Adjusted Taxable Income does not include:
> Any ETPs cashed out from a superannuation fund, Approved Deposit Fund (ADF) or Retirement Savings Account (RSA) in a financial year.
> Any long service leave and annual leave amounts paid out in the case of bona fide redundancy, early retirement scheme or invalidity.
> Employer ETPs other than unfunded ETPs.